Japan Dream Sent Spiraling by Lack
Of Retiree Demand Has Gone Awry

CABUYAO, Philippines -- When Atsukuni Munetomo opened a retirement home here for Japanese seniors, the last thing he thought he'd have to do was hire a midwife.

Located on Gerontology Street in a former sugarcane field 40 kilometers south of Manila, the Rose Princess was supposed to be a home-away-from-home for retired Japanese -- replete with a karaoke parlor, wheelchair-accessible swimming pool, Japanese food and Japanese-speaking medical staff. Instead, it stands half-built and mostly empty. To keep it afloat, Mr. Munetomo...